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Forbes Earnings Preview: Parker-Hannifin

Parker-Hannifin reports its second-quarter earnings on Wednesday, January 22, 2014, and the consensus earnings per share estimate is $1.22 per share.

The consensus estimate is down from three months ago when it was $1.24, but is unchanged over the past month. For the fiscal year, analysts are projecting earnings of $6.54 per share. Revenue is projected to be $3.14 billion for the quarter, 2% above the year-earlier total of $3.07 billion. For the year, revenue is projected to roll in at $13.35 billion.

The rise in net income in the first quarter snapped a streak of three straight quarters of decreasing net income. In the first quarter, net income rose 35% from the year earlier, while the figure dropped 10% in the fourth quarter, 18% in the third quarter and 25% in the second quarter.

The company has seen improved revenue in the last two quarters. In the first quarter, revenue increased 5% to $3.23 billion from the year earlier quarter. In the fourth quarter, the figure rose less than a percent.

The majority of analysts (69%) rate Parker-Hannifin as a buy. This compares favorably to the analyst ratings of six similar companies, which average 62% buys.

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